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Singapore Common Reporting
Standard (CRS) – Guidance on
On 18 August 2017, the Inland Revenue Authority of Singapore (IRAS) released Common
Reporting Standard (CRS) registration guidance and FAQs, providing clarity on registration
procedures with the IRAS, including the usage of IRAS EASY Authorisation System for
Reporting Singapore Financial Institutions (SGFIs) have the responsibility to collect and report
CRS information of its account holders. Part of the compliance procedures involve registering
with the IRAS. Please refer to our tax bulletin in April and August 2017 for key CRS
regulatory changes and updates to the IRAS FAQs respectively.
The following summary provides a brief overview of how these registration procedures may
affect you and your business.
Objective of CRS
The CRS is an internationally agreed standard for the automatic exchange of financial account
information (AEOI), to detect and deter tax evasion by taxpayers through the use of offshore
bank accounts. Financial Institutions will have to report specified account information of their
non-Singaporean tax resident account holders to the IRAS.
The Singapore CRS registration requirements
All SGFIs are required to apply for CRS registration.
An entity that becomes a Reporting SGFI at any time during a calendar year must submit an
application to register with IRAS by 31 March of the following year, i.e. an entity that becomes a
Reporting SGFI between 1 January 2017 and 31 December 2017 (both dates inclusive) must
submit an application to register with the IRAS by 31 March 2018.
However, the above requirements do not apply to Reporting SGFI which is:
a) point (a) an investment entity that only carries out specified activities* as an investment
entity for and on behalf of customers for the purpose of investing, managing or
administering financial assets deposited in the names of those customers with another